Westscheme is intensely scrutinising the fates of the mandates within its $630 million Aussie equities portfolio, which is currently divided between Barclays Global Investors ($380 million) and BlackRock ($250 million) , after the two firms announced their merger last month.

The $2.4 billion West Australian-based industry fund Westscheme has only two managers managing its $630 million Aussie equities portfolio - BGI and BlackRock.

But last month's announcement prompted Westscheme to weigh the risk profiles of their existing mandates with the two firms - and whether consolidation, keeping existing arrangements or dropping the mandates is the way to go.

"We'll have to look at the risk settings for the Westscheme portfolio," said Howard Rosario, chief executive of Westscheme.

"We'll have to look at what the integration brings, because we've allocated them mandates based on certain risk-return assumptions," he said.

Rosario said the fund's board sets a policy setting for risk and return across all asset classes the fund invests in, and it's up to the fund and its consultant to source managers which fit the agenda.

And if existing mandates no longer match the fund's risk and return profile, then dropping the mandates could be a strong possibility.

"If our review of the managers suggest that [they no longer fit our criteria], then we have to do something about it because the board policy still remains," he said.

Rosario believed that other funds which have mandates with both BGI and BlackRock are likely undertaking the same reviews.

A Rainmaker analysis of the institutional mandates awarded by the major super funds suggest the renamed BlackRock Global Investors in Australia will count 7 in 10 of the biggest super funds as clients.

Westscheme is already in the middle of a comprehensive review, conducted once every three years, to ensure its investment strategy is on track.